Colgate-Palmolive announces major restructuring initiative

Colgate-Palmolive has announced details of a significant global growth and efficiency programme that will help the company maintain strong momentum over the coming years.

The scheme is expected to result in cumulative pre-tax costs of between $1.1 and $1.25 billion (681.65 to 774.60 billion pounds) and will help to generate savings of between $365 and $435 million annually by the end of the four-year project.

Key elements of this programme include the expansion of several commercial hubs, streamlining global functions, embracing shared service models and optimising its international supply chain.

Reinvestment will focus on new product development, technology and analytics innovation, digital engagement and expansion in emerging markets.

Ian Cook, chairman, president and chief executive officer, said: "This programme will help us to move forward from our current position of strength to continue to deliver sustained, profitable growth over the long term."

Earlier this month, the company bolstered its commercial prospects further through the agreement of a marketing and development collaboration with Omron Healthcare, which will see Colgate enter the electric toothbrush market for the first time.